BIMCO has developed a new standard term sheet for syndicated ship financing (SHIPTERM S) – the first industry standard of its kind for syndicated loans. The term sheet was approved for publication at BIMCO’s biannual Documentary Committee meeting on May 2 in New York.
BIMCO has received numerous enquiries from members uncertain about how the Novel Coronavirus outbreak will impact contracts. The following includes some general remarks, but it is important to evaluate carefully each situation on its own merits.
BIMCO has published two sulphur content related bunker clauses which are now available on the BIMCO website and on SmartCon, BIMCO’s contract editing solution.
The Novation Agreement for the Substitution of Time Charterers is an agreement between the parties to novate the time charter party from the original charterers to the new charterers on terms set out in the agreement. The latest edition of this contract is the Novation Agreement for the Substitution... Please follow the link to continue reading.
GENCOA B 2022 – Explanatory notes OVERVIEW GENCOA B 2022 is a standard contract of affreightment for dry bulk cargoes. It is one of two versions of GENCOA revising the latest version of the contract issued in 2004: GENCOA A - a framework contract that can be used with different voyage charter par... Please follow the link to continue reading.
BIMCO is developing a standard refund guarantee for shipbuilding contracts, including the SAJ and Chinese forms. The current issue is that English law and jurisprudence on guarantees is contradictory, complex and often very difficult to understand from a commercial perspective, and as a result small... Please follow the link to continue reading.
The drafting committee that will carry out the first revision of the ASBATANKVOY form in 44 years has kicked off the major task to improve and update the widely used tanker charter party form.
The Port Call Data Exchange Clause is designed specifically for use with the IMO data model framework for ships that will call at ports where the scheme has been implemented and where the exchange of ship/port information requires the IMO data format.
SHIPTERM S is a standardised term sheet intended for use in a syndicated, secured term loan ship financing transaction. The term sheet has been prepared for use in transactions between a syndicate of lenders and one or more affiliated borrowers. The latest edition of this contract is SHIPTERM S, iss... Please follow the link to continue reading.
BIMCO Stoppage of Canals and Waterways Clause 1968 (Code Name: CONWAY) A. If at any time before loading is completed or the vessel sails from the loading port, it appear that the vessel would be delayed for not less than ....... days by circumstances beyond the Owners' control in proceeding through ... Please follow the link to continue reading.
